Shares of New Relic Inc (NYSE:NEWR) have been assigned an average rating of “Buy” from the fifteen analysts that are currently covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $62.31.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of New Relic from a “buy” rating to a “hold” rating in a report on Friday, March 9th. Wedbush assumed coverage on shares of New Relic in a report on Friday, February 23rd. They issued an “outperform” rating and a $86.00 target price on the stock. Oppenheimer upped their target price on shares of New Relic from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Needham & Company LLC upped their target price on shares of New Relic from $69.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, Robert W. Baird upped their target price on shares of New Relic from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th.

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In related news, CFO Mark Sachleben sold 7,500 shares of the company’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $75.37, for a total value of $565,275.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robin Schulman sold 1,575 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $58.90, for a total transaction of $92,767.50. Following the completion of the transaction, the vice president now owns 1,365 shares in the company, valued at approximately $80,398.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 314,395 shares of company stock worth $20,860,516. 23.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Crow Point Partners LLC acquired a new position in New Relic in the 4th quarter valued at about $113,000. Cipher Capital LP acquired a new position in New Relic in the 3rd quarter valued at about $212,000. Woodstock Corp acquired a new position in New Relic in the 4th quarter valued at about $212,000. Xact Kapitalforvaltning AB acquired a new position in New Relic in the 4th quarter valued at about $233,000. Finally, Amalgamated Bank acquired a new position in New Relic in the 4th quarter valued at about $240,000. Institutional investors and hedge funds own 75.76% of the company’s stock.

Shares of New Relic (NEWR) traded up $1.51 during trading hours on Friday, reaching $74.35. 63,049 shares of the company’s stock traded hands, compared to its average volume of 497,461. New Relic has a 52-week low of $34.61 and a 52-week high of $76.54. The company has a market cap of $4,040.00, a PE ratio of -73.58 and a beta of 0.67.

New Relic (NYSE:NEWR) last issued its quarterly earnings results on Tuesday, February 6th. The software maker reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. New Relic had a negative net margin of 16.17% and a negative return on equity of 25.22%. The firm had revenue of $91.83 million for the quarter, compared to analysts’ expectations of $89.31 million. During the same period in the previous year, the firm posted ($0.09) EPS. The company’s revenue for the quarter was up 34.8% on a year-over-year basis. research analysts expect that New Relic will post -0.77 earnings per share for the current fiscal year.

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New Relic Company Profile

New Relic, Inc (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform.

Analyst Recommendations for New Relic (NYSE:NEWR)

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